Ripple (XRP) and Bitcoin Cash (BCH) are exactly the type of coins that you could expect to make moves like these for no specific reason. Surprisingly, both coins are up double digits today with Ripple up 19% in the last 24 hours and Bitcoin Cash up 18% in the last 24 hours at the time of writing. Every time something like this happens, Ripple becomes the darling of news outlets. Everyone starts talking about how Ripple (XRP) is the best coin to expect the most gains even though Bitcoin (BTC) may be the market leader.
Ripple has had a lot of things going on, it has had partnerships signed (some of which the media did report) but a lot of technological developments remain under the radar buried under the heap of hate targeted against Ripple by ‘champions of decentralization’. However, the irony is that when Ripple makes such gains, all is suddenly forgotten and even those who hate the coin start buying and talk about it on online forums.
Developments like these give credit to concerns raised by pioneers like Vitalik Buterin that people are more interested in profits and gains rather than the technology itself. Perhaps this is also the reason why a coin like Verge (XVG) is all over the news three days in a row but then is not heard of for weeks.
This brings us to our debate of whether Ripple (XRP) and Bitcoin Cash (BCH) can sustain their recent gains. For the most part, this depends on whether FOMO still rules over logic and reason. Charts for Bitcoin Cash (BCH) or Ripple (XRP) do not look favourable for a new rally.
If this was any other market, no sensible investor would go long at this point. However, with cryptocurrencies you cannot be sure considering most gains happen over a course of just a few days. It should be borne in mind though that big losses also happen in a matter of days so it is best to take profits and wait for a good entry point rather than to be left holding the bag when the price bounces off a strong resistance line and sharply heads towards lower levels. The RSI levels for both coins are near overbought levels and the most likely scenario would be a fall instead of a further rise.
Altcoins have had a good run for the past few days despite Bitcoin (BTC) lagging and trading indecisively. This shows that the excitement is there and investors are waiting to get on-board to start the next bull run. However, rejection at critical levels also show that institutional investors are not prepared to buy yet at these levels and the market will probably retest lower levels to gain support before new rallies. Prices of Ripple (XRP) and Bitcoin Cash (BCH) both seem to have topped for now and could slowly start to slide lower in the next few days as Bitcoin (BTC) confirms a daily close below the logarithmic downtrend line.
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!